AllBright, Jia Yuan assist Huaxia Eye Hospital’s RMB3.1bn IPO

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AllBright, Jia Yuan assist Huaxia Eye Hospital’s RMB3.1bn IPO

Huaxia Eye Hospital Group, the second largest privately owned such hospital, has raised RMB3.1 billion (USD421 million) in its ChiNext IPO on the SZSE, offering 60 million shares at RMB50.88 apiece.

More than 90% of eye hospitals in China have been privately owned since 2017, and were operated by Aier Eye Hospital Group, Huaxia Eye Hospital Group, Bright Eye Hospital and He Eye Specialist Hospital, whose revenue stood at RMB15 billion, RMB3.1 billion, RMB1.7 billion and RMB962 million, respectively, last year.

Besides Aier Eye Hospital Group’s 2009 listing, the remaining trio of rivals debuted this year amid the increase in capital investment in privately owned eye treatment institutions.

A report from Medicine and Health media firm Vbdata said a total of 40 eye treatment enterprises received more than RMB8 billion in financing from 2021 to the beginning of 2022. The investors included Sequoia Capital, Hillhouse Capital, Tencent and Legend Capital – the financial arm of Lenovo.

AllBright Law Offices advised Huaxia, which was led by senior partners Zhang Xiaohong, Lao Zhengzhong and Jin Haiyan.

Jia Yuan Law Offices acted as a counsel to the sole sponsor CICC, with advice from senior partners Zhang Wen, Yi Jiansheng and Liu Jing, as well as partner Zhong Yunchang.